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FINANCIALS
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Notes to Consolidated Financial Statements

 

NOTE >4 > INCOME TAXES

Income before income taxes, minority interest and extraordinary loss is as follows:

Deferred taxes based upon differences between the financial statement and tax bases of assets and liabilities and available tax carryforwards consists of:

Management believes that the realization of the deferred tax assets is more likely than not, based on the expectation that the Company will generate the necessary taxable income in future periods and, accordingly, no valuation reserve has been provided. Tax benefits from loss carryforwards will expire by 2006.

U.S. income and foreign withholding taxes were not provided on certain unremitted earnings of international affiliates which the Company considers to be permanent investments. The cumulative amount of unremitted income for which income taxes have not been provided totaled $479 million at January 1, 2000. If these earnings were to be remitted, taxes of $133 million would be due.

Income taxes of $327, $366 and $886 million were paid in 1999, 1998 and 1997, respectively.


  Annual Report 1999 

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1999 Sears, Roebuck and Co. - www.sears.com